26 Jul '11, 3am

Wall Street braces for US default

NEW YORK - US BANKS have begun making contingency plans for what to do if the US government defaults on its debt or loses its triple-A credit rating, banking sources and analysts said. But the conventional wisdom on Wall Street is that Washington's feuding politicians will still reach a last-minute deal and avert a default, an outcome that President Barack Obama has warned would be economic 'Armageddon'. 'The anecdotal evidence I've heard is that folks are beginning to take steps in case it happens,' a former Federal Reserve official with extensive contacts in the banking industry told AFP. Bank of America, Wells Fargo and Citigroup confirmed that they were making plans on how to minimize the damage of a government default or downgrade. 'While we have confidence our legislators will reach a resolution, our contingency planning is focused on ensuring we will able to meet ou...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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